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20131202
20131210
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involving an internet sales tax. amazon an overstock.com were appealing the online levy imposed in new york state. but it's a battle imposed with results. what does this mean for online shoppers? >> all i can think about with this story is taxes. this is what it tells us we know now that the price that online retailers get is probably going to go away because that differential is really about tax. they will now be on par with the brick and mortar retailers and they won't have that edge they've had. we'll probably see less showrooming where people go to a store, they look around and pull out their mobile phone and buy the item online. we're going to see a lot more bureaucracy, states find municipalities making it so hard, so complicated, they're going to be dealing with a very tangled tax web. >> the potential tax revenue, though, for manile of these states that they would lose is huge. >> that's why these states are saying i want amazon to collect taxes coming into products coming into our state. we need the revenue. >> especially after the financial crisis. >>
. the population of detroit once the fourth largest city decline by 63%. the tax base erodes it was mismanaged and ends up like this. >> there are a number of other cities across the country that face shortfalls. do you think you'll see other cities starting to declare bankruptcy? >> i don't think it's anything anybody wants to do detroit's situation is particularly dire. but this is a noose that's tightening around city and state's necks for decades. and the recession pulled it tight. a pension plan is supposed to be 80% funded. there are 34 states in this country that are under that barometer. only one state, wisconsin, has a fully funded pension plan. you're looking at the numbers we are $1.3 trillion short in states of what we need. >> for retirees when you hear this, this is really scary. >> basically this is something we've had to confront for a long time and we're finally hit with it. but the truth is states can't pay this bill. and they're going to have to do something about it. they're starting to. illinois just yesterday passed legislation they're $100 billion i
down as the year of missed opportunities on immigration, tax reform budget. all issues leaders wanted to tack al at the start of the year. they had trouble funding the government and running out of time to pass critical legislation. american families could see milk prices spike to $7 a gallon if congress can't pass the farm bill by the end of the year. lawmakers are running out of type to set funding and policy for the pentagon next year. they still need to confirm janet yellen as the next federal chair before bernanke's term ends next month. it's no wonder one house committee chose to focus on a less invasive topic, space aliens. >> is there life out there? what do they think about new york city? >> reporter: congress has passed 56 bills in 2013 in the past 66 years only three other times that congress has passed less than 100 bills in a single year. many of the bills this congress passed were simply extensions of older laws that were set to expire. hope appears to be dwindling for the small deal between house and budget leaders that wanted to replace the federal s
Search Results 0 to 2 of about 3